Wondering what local buyers and sellers in our local market are currently experiencing? Check out Jonna's quick video above and then scroll down for a high-level breakdown as well as additional stats and figures.
If you've been contemplating selling, it remains a good time to evaluate and capitalize on the equity of your home. Our dedicated team would love to help you get top dollar for your home or investment property. Let's chat!
And/or if you are looking to buy, our team continues to help our clients every day take advantage of the rise in housing inventory. While mortgage rates have risen, buyers have more options and heightened negotiation power. Let's connect!
<<This post is an excerpt from our monthly market update, to sign up to receive the full update directly, click here.>>
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Graphics provided by Boise Regional Realtors.
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SUMMARY: If you group together both existing and newly constructed single-family homes and compare those numbers to the same month one year ago (detailed in the top infographic): inventory increased by 93.8%, the median sales price ticked up by a mere .9% (coming in at $540,000), they took twice as long to go under contract (an average of 38 days compared to 19) - and overall fewer homes sold (down by 30.3%).
If you then examine just existing/resale homes (and remove all the newly constructed homes from the numbers); the median sales price decreased by 4.8% (coming in at $500,000), inventory increased by 62.7%, homes took twice as long as they did a year ago to go under contract (37 days opposed to 17) - and fewer sold (down 32.6%).
And finally, if you look just at newly constructed homes; new homes are selling for a median sales price of $650,635 (a year-over-year increase of 18.3%) and there are more of them are available (inventory is up by 164%), and overall fewer sold (down 24.2%).
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TREASURE VALLEY HOUSING MARKETS
Average Sold Price (September 20, 2022 - October 20, 2022)
- Boise: $568,573
- Eagle: $936,437
- Meridian: $587,523
- Star: $711,677
- Garden City: $457,185
- Kuna: $485,864
- Middleton: $621,038
- Nampa: $471,332
- Caldwell: $431,341
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If you've been considering a move, this would be a great time to connect with us to discuss the current value of your home and to see what's newly available on the market. To discover what your home is currently valued at, simply click here and we will happily provide you with an obligation-free, complimentary home or investment property evaluation.
If you’re hoping to buy, keep in mind that low inventory certainly isn’t the same as no inventory. There are options available, and current rates are making mortgage payments more manageable. Click here or call us to discuss what you're looking for. Otherwise, keep reading to learn more about what's happening in Ada County's real estate market.
P.S. Should you hear of anyone else looking to Buy or Sell a home, we ask that you please do two things. First, please tell them about your experience with us. Next, simply hit the reply button to this email and tell us about them! We would love to be of service!
